VenturesNow

Tax evasion trial of Binance executives postponed until June 14 by Nigerian court

Published

7 months ago

May 23, 2024

A Nigerian court Wednesday postponed the tax evasion case against Binance until next month, when the cryptocurrency exchange and two of its officials might potentially be charged, according to the judge.

Authorities were unable to bring U.S. citizen and Binance head of financial crime compliance Tigran Gambaryan to court, which caused the case to standstill. Gambaryan did not give a justification for missing the courtroom.

An Abuja court decided on Friday that Gambaryan, representing Binance, may go to trial in the tax evasion case. In May, Binance CEO Richard Teng charged that Nigeria was creating a hazardous precedent when its executives were invited to the nation and subsequently taken into custody as part of an anti-crypto campaign. The business is contesting the proceedings because it is accused of money laundering and tax evasion.

Four charges of tax evasion are brought against Binance and its executives, Gambaryan and Nadeem Anjarwalla, a British Kenyan who serves as Binance’s regional manager for Africa. One of the charges is failing to register for taxes with the Federal Inland Revenue Service of Nigeria.

Despite Anjarwalla’s March escape from detention, the lawsuit still lists him as “at large,” which might delay the trial because Nigerian law mandates that all parties must be served before the case can move forward, according to Chukwuka Ikwuazom, the attorney for Gambaryan.

Moses Ideho, a revenue service attorney, stated that Gambaryan should have been brought before the court by the Nigerian jail service and that he was unaware of the reason for his absence. The potential arraignment of Binance and Gambaryan has been postponed until June 14 by Judge Emeka Nwite.

The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency, has charged Binance and the executives with laundering over $35 million in addition to the tax evasion case. On Thursday, there will be a money laundering trial. In the wake of Gambaryan’s detention, Binance has declared that it is closely collaborating with Nigerian authorities.

VenturesNow

IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

14 hours ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

14 hours ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.